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We rolled over a pension but still got a 1099- R. WHY?

 
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IreneS
Intuit Alumni

We rolled over a pension but still got a 1099- R. WHY?

There was still a distribution from one of your retirement accounts, even though it was rolled over to another account.  The financial institution must generate a 1099-R and send a copy to you and the IRS.  If it was rolled over to a similar type of retirement account, the distribution should be nontaxable.

Since it was a rollover, there should be a code G in box 7 of your 1099-R.  Go ahead and enter the information into TurboTax using these steps:

  1. Click on Federal Taxes > Wages & Income  [In TT Self-Employed:  Personal > Personal Income].
  2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).  [See Screenshot #1, below.]
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries.  Click on the link Add Another 1099-R[Screenshot #2]
  4. If you haven't already entered a 1099-R, you will see the screen, Your1099-R. Click Yes and then Continue.
  5. You can either import your 1099-R or click on the I'll type it in myself box[Screenshot #3]
  6. If you select to enter the information yourself, continue through the screens, answering the interview questions.

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1 Reply
IreneS
Intuit Alumni

We rolled over a pension but still got a 1099- R. WHY?

There was still a distribution from one of your retirement accounts, even though it was rolled over to another account.  The financial institution must generate a 1099-R and send a copy to you and the IRS.  If it was rolled over to a similar type of retirement account, the distribution should be nontaxable.

Since it was a rollover, there should be a code G in box 7 of your 1099-R.  Go ahead and enter the information into TurboTax using these steps:

  1. Click on Federal Taxes > Wages & Income  [In TT Self-Employed:  Personal > Personal Income].
  2. Scroll down to the Retirement Plans and Social Security section and click on the Start/Revisit box next to IRA, 4701(k), Pension Plan Withdrawals (1099-R).  [See Screenshot #1, below.]
  3. If you've already entered one (or more) 1099-Rs, you will see a screen Your1099-R Entries.  Click on the link Add Another 1099-R[Screenshot #2]
  4. If you haven't already entered a 1099-R, you will see the screen, Your1099-R. Click Yes and then Continue.
  5. You can either import your 1099-R or click on the I'll type it in myself box[Screenshot #3]
  6. If you select to enter the information yourself, continue through the screens, answering the interview questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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